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FINANCIAL NEWS
Shell to boost output at Iraq’s Majnoon oilfield
30 Mar 2010
(MENAFN) An executive at Royal Dutch Shell said that Iraq’s Majnoon oilfield is targeting production of 175,000 barrels of oil equivalent per day in 2012, Reuters reported.
Iraq’s largest field is currently pumping at 45,000 boe/d, Shell’s Mounir Bouaziz, Vice-President New Business LNG for the Middle East and North Africa, told an industry event.
Shell and Malaysia’s Petronas signed a final contract earlier this year to develop the Majnoon oilfield, one of the world’s biggest.
The eventual production target for the field is 1.8 million barrels per day (bpd). Shell and Petronas won the rights in an auction held in Baghdad in December for the field in southern Iraq, estimated to hold 12.6bn barrels of oil.
The 20-year development contract is one of several deals that Iraq has sealed to try to catapult the country to third place from 11th in the league of oil producing nations.
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